Bitcoin Slumps Below $77,000 Amid Macro Threats

Bitcoin's price has taken a hit on Tuesday, dipping below $77,000 after a brief rally above $79,000 on Monday.

The decline comes as traders anticipate four macroeconomic threats to the market: rising US bond yields, expensive oil prices, and simultaneous tightening by the Federal Reserve and Bank of Japan.

Rising 10-year Treasury yields above 5% for the first time since mid-2007 may be bearish for Bitcoin due to increased returns from safer investments and higher borrowing costs.

The rounded-top pattern on BTC's chart suggests a possible decline toward $70,000-$71,000 if it loses the support level near $76,000.